A CEBU City-based trader was slapped with tax evasion case before the Department of Justice (DOJ) on Thursday after he failed to pay P2.67 billion in taxes for gold purchases from 2005 to 2009.

Junrie Daitol Tenorio of Guadalupe, Cebu City is on the list of businessmen who have been selling gold to the Bangko Sentral ng Pilipinas (BSP) last May.

Based on the documents gathered by the Bureau of Internal Revenue (BIR), Tenorio sold gold to BSP amounting to P3.95 billion from 2005-2009. Tenorio, however, failed to remit his dues to the government for the said transactions.

According to BIR Commissioner Kim Henares, Tenorio will face five counts of attempting to evade tax, 15 counts of failure to file quarterly income tax returns and five counts of failure to file annual income tax returns.

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Tenorio and Aw-yong are being charged for violations of sections 254 and 255 of the National Internal Revenue Code of 1997.

The penalty for violating section 254 of the tax code is a fine of P30,000 to P100,000 and imprisonment of two to four years while the violation of section 255 of the tax code carries a fine of at least P10,000 and imprisonment of one to 10 years.

DINDO BAYAUA

"Presently, the BSP does not withhold any tax in the transaction. However, the silver is expected to comply with relevant taxation laws. Gold sold to the BSP is considered export commodity and is deemed zero-rated for VAT (value added tax) purposes."

Now, it is quite clear why the case has been filed against Tenorio. Thanks for the link